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The IASB met on Wednesday 19 and Thursday 20 September 2018. The major sessions focused on Dynamic Risk Management and Primary Financial Statements. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

The Dynamic Risk Management discussions focused on Imperfect Alignment and Change in Risk Management. The Board is aiming to have its core model developed some time in the first half of 2019.

For Primary Financial Statements the Board discussed the scope of proposals for subtotals in the statement of profit or loss; unusual or infrequent items; and presentation of the results of integral and non-integral associates and joint ventures in the statement(s) of financial performance. The Board decided to move the project from the research programme into the standard-setting programme.

The Board decided to start preparing the Exposure Draft of an amendment to IAS 37 Provisions, Contingent Liabilities and Contingent Assets to clarify the meaning of the term ‘unavoidable costs’ in the definition of an onerous contract.

The Board approved the internal guide it will use for setting and drafting disclosure requirements.

The Board is returning to its narrow-scope proposal to amend IAS 1 Presentation of Financial Statements to clarify when the discretion to refinance or roll over an obligation affects its classification as current or non-current. It plans to focus on making a separate amendment rather than incorporating it with IAS 1 changes that are expected to come from the Primary Financial Statements project.

The Staff also updated the Board on the Research Programme. The staff are planning to start discussions with the Board on Extractive Activities in 2019.

Please click to access the detailed notes taken by Deloitte observers for the entire meeting.

The IASB's IFRS Taxonomy Consultative Group (ITCG) is seeking new members from 1 April 2019.

The ITCG is a consultative group established to assist the IASB in its activities related to the IFRS Taxonomy used when tagging financial information using XBRL (eXtensible Business Reporting Language).

The deadline for applications for membership is 8 November 2018. For more information, see the press release on the IASB website.

The Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board (FSB) to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders has published a status report providing an overview of the extent to which companies in their 2017 reports included information aligned with the core TCFD recommendations published in June 2017.

The TCFD surveyed disclosures of over 1,700 firms from diverse sectors with broad geographical representation.

Even though the TCFD found that the majority of the firms surveyed disclose information aligned with at least one of the TCFD recommended disclosures, . many companies just describe climate-related risks and opportunities but don't disclose the financial impact of climate change on the company.

The report also notes that disclosures vary widely across industries and that more non-financial companies than financial companies reported their climate-related metrics and targets. In addition, disclosures are often made in sustainability reports or spread across financial filings, annual and sustainability reports.

Following the IASB's September 2018 meeting, we have analysed the IASB work plan to see what changes have resulted from the meeting and other developments since the work plan was last revised in July. Six new projects were added to the work plan.

Below is an analysis of all changes made to the work plan since our last analysis on 20 July 2018.

Standard-setting projects

Primary financial statements — After deliberations at its September meeting, the IASB decided to move the project from the research agenda to the standard-setting agenda.

Main­te­nance projects

Classification of liabilities as current or non-current (Amendments to IAS 1) — After deliberations at its September meeting, the IASB decided the next milestone would be an IFRS amendment. No expected date has been set.

Definition of a business (Amendments to IFRS 3) — An IFRS amendment has been pushed to October 2018 (previously set to September 2018).

Disclosure Initiative — Accounting policies — Newly added to the work plan. The Board discussed this topic at its September meeting. An exposure draft is noted in the work plan without an expected date.

Updating a reference to the Conceptual Framework (Amendments to IFRS 3) — Newly added to the work plan; the Board will decide the project direction at its November 2018 meeting.

Research projects

Extractive activities — Newly added to the work plan. The Board discussed this topic at its September meeting and plans to review research. No expected date is listed.

IBOR reform and the effects of financial reporting — Newly added to work plan; the Board plans to decide the project direction in Q4 2018.

Pension benefits that depend on asset returns — Newly added to the work plan; the Board plans to review research in H2 2019.

Share-based payment — The project summary slipped from September 2018 and is now expected in October 2018.

Other projects

IFRS Taxonomy update — 2018 general improvements — Newly added to the work plan; a proposed update is expected in Q4 2018.

IFRS Taxonomy update — Common practice (IFRS 13) — The IASB published this update on 20 September 2018. The work plan now states that the Board will analyse feedback in Q1 2019.

The above is a faithful com­par­i­son of the IASB work plan at 20 July 2018 and at 25 September 2018. For access to the current IASB work plan at any time, please click here.

This Taxonomy update includes elements to reflect the new common reporting practice for the disclosure requirements in IFRS 13Fair Value Measurement, including (1) sensitivity of fair value measurement to changes in unobservable inputs and (2) quantitative information about significant unobservable inputs used in fair value measurement.

In August 2018, the European Financial Reporting Advisory Group (EFRAG) issued a draft comment letter on the IASB discussion paper DP/2018/1 'Financial Instruments with Characteristics of Equity' (FICE DP). This is now followed by a webinar will delving more deeply into the more challenging and contentious areas of FICE.